CORAL SPRINGS, FLA. (WSVN) - A 43-year-old resident of Coral Springs has been charged in federal court with orchestrating a $100 million investment fraud scheme through his trucking company.

The indictment, which was unsealed on Monday, accuses Sanjay Singh of violating federal laws that criminalize conspiracy to commit wire fraud, wire fraud, and engaging in transactions involving unlawful proceeds.

Singh, the founder and president of Royal Bengal Logistics, Inc. (“RBL”), is alleged to have organized and operated a significant Ponzi scheme with the help of co-conspirators.

The scheme reportedly began in January 2020 and was ongoing at the time of Singh’s arrest.

The indictment claims that Singh and his accomplices portrayed RBL as a prosperous and thriving trucking business to potential investors, despite the fact that the company was actually losing money. During the process, Singh and his associates allegedly made false statements and withheld crucial information about the risks associated with investing in RBL, the profitability of the company’s trucking operations, the repayment of investors, and the use of investor funds.

Through these deceptive tactics, Singh and his co-conspirators allegedly managed to raise over $100 million from unsuspecting investors, using a portion of the funds to pay returns to existing investors.

According to the indictment, Singh is also accused of misappropriating millions of dollars from investor funds for personal use. The funds were allegedly used to renovate Singh’s residence, make mortgage payments, cover personal expenses, and engage in margin trading of stocks.

If convicted on all charges, Singh could face a maximum prison sentence of 150 years.

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